SEC launches data center, six digital platforms
The Securities and Exchange Commission (SEC) said Tuesday it launched six new digital platforms and a modern data center as part of its efforts to improve the ease of doing business in the Philippines.
SEC chairman Emilio Aquino said during the launch the new programs, which represent the commission’s fourth wave of digital initiatives, are designed to help serve the public faster, more securely, and more efficiently.
Aquino said,
Over the past few years, the SEC has committed to pursue innovation, in line with the thrust of the Marcos administration to go digital for more efficient delivery of services to the public,
He said,
Our push for digitalization—a core component of sustainability—allows us to fulfill our mandate under the Ease of Doing Business Act.
“By relying on technology, the SEC makes its services easier, faster and more secure, thereby satisfying the demand for a more efficient system aligned with local and international regulatory standards,”
The new digital platforms are the Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR), SEC Verification of Electronic Records and Information Trust and Authentication System (VERITAS), SEC Electronic Exceptional and Alternative Submission Environment (EASE), Electronic Workbench and Analytics Technical Computing HUB (eWATCH), Document Management System (DMS) and Workflow Management System (WMS).
The HARBOR platform will allow secure and easy updates of beneficial ownership information. This helps prevent errors and delays while promoting transparency. It also supports the Philippines’ efforts to avoid being placed on the Financial Action Task Force’s grey list.
VERITAS uses blockchain technology to let authorized users sign and approve corporate documents in real time. EASE, meanwhile, will allow corporations in dispute status to submit reports through an alternative system, helping them stay compliant.
The eWATCH system will remind corporations of report deadlines and alert them if they fail to submit on time. This tool is expected to boost the rate of compliance and promote accountability in the corporate sector.
The SEC also launched internal tools, the Document Management System (DMS) and the Workflow Management System (WMS). DMS helps in organizing and tracking regulatory documents, while WMS improves internal processes by letting departments customize their workflows.
The SEC also inaugurated its new data center. which will house applications, records and servers that power the commission’s digital services. It will reduce downtime and support quicker, more secure operations.
Aquino said,
We envision the data center to strengthen our response to disruptions by having the ability to handle everything from one place and through our own team of technical experts,
Aquino said,
In turn, this will pave the way for quicker transactions, better access to services, and stronger data security that will benefit our stakeholders,
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SEC launches data center, six digital platforms, source
